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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00
Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"
EXPLIN THE PROCEDURE FOLLOWED IN GOVERMENT SYSTEM OF ACCOUNTING IN INDIA.
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The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives
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What was the business strategy underlying the merger? How was the acquisition financed? Was it a vertical, horizontal or conglomerate merger? The strategy behind those merge
Retirement of a partner When one of the partners retires ante the others will continue trading, the n it is important that he gets a share of the goodwill that he helped create i
Explain the Transaction Exposure versus Economic Exposure? In brief describe the following term: a) Spot market and forward market. b) Purchasing Power Parity or PPP.
Q. How does FCA diverse from what cities already do? Numerous cities at present employ budget-based, or cash-flow, accounting-they report their present costs and figure their e
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